MuniStrategies project recognized for excellence for 4th time by Novogradac
MuniStrategies is proud to announce that it has been awarded a Novogradac Journal of Tax Credits 2020 QLICIs of the Year Award for its investment in Tippah County Hospital in Ripley, Mississippi using new markets tax credits (NMTCs). MuniStrategies and Tippah County Hospital will receive recognition in the non-metro category at the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, Oct. 29-30.
Tippah County Hospital is a critical access provider that is building a new adjacent facility. The current facility is more than 60 years old and is in need of replacement. The new facility will help improve local medical talent and radically improve patient outcomes, and it will provide emergency health care to the residents of Tippah County and nearby Benton County, which does not have a hospital.
MuniStrategies, one of four community development entities (CDEs) for the development, provided $5.5 million in NMTC allocation. The three other CDEs —Capital One, HOPE Enterprise Corporation and Three Rivers Community Development Corporation—provided $20 million in NMTC allocation to help fund the new facility. Tippah County Hospital was also allocated $10 million in Mississippi state NMTCs through the Mississippi Development Authority.
Tippah County has needed a new critical access hospital for many years. The current facility is dated, beyond its useful life and no longer suited to provide top-quality medical care. After much consideration and discussion, a plan was approved by the Tippah Hospital Board of Trustees and the Tippah County Board of Commissioners.
This marks the 4th time that MuniStrategies projects have been recognized by Novogradac Community Development Foundation. Prior QLICI of the Year recognitions include the $6M Resinall investment in Hattiesburg, MS, in 2011, which was named Operating Business QLICI of the Year ; the $9M Alabama Aircraft Support investment in Enterprise, AL, that received an Honorable Mention for Operating Business QLICI of the Year in 2014; and the $12M investment in Winston Plywood & Veneer in Louisville, MS, that received the 2015 Operating Business QLICI of the Year.
MuniStrategies is a Community Development Entity (CDE) as recognized through the United States Department of Treasury to participate in New Markets Tax Credit (NMTC) financing and has deployed over $250 million in federal and state allocation authority over five rounds. More information about MuniStrategies is available at www.munistrategies.com.